INEOS was refused help by the UK government

Ratcliffe.pngINEOS CEO Jim Ratcliffe has told the Sunday Times that the UK government “refused financial help” last year, when sales collapsed. He revealed that:

• The company had approached the UK government for help with liquidity, including deferral of VAT (sales tax) payments, but “got absolutely nowhere“.
• Ratcliffe had even found it “quite difficult to get access” to senior Government ministers, despite it being the UK’s largest privately-owned company.

The blog shares INEOS’ frustration, and hopes that the next UK government will prove more responsive to industry’s needs.

Its private lobbying of government on chemical industry issues has had some success over the past 18 months. But on one super-critical issue, it received more support from the Bank of England than the politicians.

About Paul Hodges

Paul Hodges is Chairman of International eChem, trusted commercial advisers to the global chemical industry. Paul is also an invited member of the World Economic Forum’s Global Agenda Council. The aim of this blog is to share ideas about the influences that may shape the chemical industry over the next 12 – 18 months. It will try to look behind today’s headlines, to understand what may happen next in important issues such as oil prices, economic growth and the environment. We may also have some fun, investigating a few of the more offbeat events that take place from time to time. Please do join me and share your thoughts. Between us, we will hopefully develop useful insights into the key factors that will drive the industry's future performance.

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